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State Receiverships
90 Second Lesson: What will your lender do if you default on a commercial loan?
QUESTION: Scott T, emailed, asking, “I have a client who owns a few income-producing properties and she thinks she may not be able to make her next mortgage payments to her lender. What should I tell her to expect?” ANSWER: Once a loan default occurs or is looming, a proactive mortgage lender should be expected […]
Strategic Alternatives For And Against Distressed Businesses
The 2019 edition of Strategic Alternatives For And Against Distressed Businesses was just released by West Publishing Company. This 1,800+ page treatise, which is a product of more than 100 contributors, is the only resource which provides a state-by-state comparison on a chapter-by-chapter basis of assignments for the benefit of creditors and receiverships. DailyDAC / […]
Update To: Missouri’s New Receivership Statute
David Warfield published an article on Missouri’s new receivership statute on Commercial Bankruptcy Alternatives in August, 2016. Warfield characterized the new receivership statute as “modernized,” specifically pointing to concepts imported from bankruptcy law, including: the automatic stay, stay, abandonment of property, ability to incur debt, assumption and rejection of executory contracts and unexpired leases, the […]
Missouri’s New Receivership Statute
Missouri has joined the ranks of those states that have modernized their receivership statutes. The Missouri Commercial Receivership Act (“MCRA”) becomes effective on August 29, 2016. Codified in Chapter 515 of the Missouri Revised Statutes, the MCRA recognizes the increasing importance of non-bankruptcy solutions to the problems caused by distressed businesses. The new statute will […]
DON’T LET YOUR MONEY GO UP IN SMOKE: A Legal Marijuana Business Owes Me Money; Now What?
Times and mores are changing. More and more people and more and more states have de-stigmatized and legalized (in at least some respects) marijuana use, sales and cultivation. As the marijuana “industry” expands, and however unlikely it may seem, a marijuana business could run into creditor problems just like any other. In fact, this has happened already. Locally […]
90 Second Lesson: California Receiverships
Editors’ Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it. QUESTION: Jeffrey B. asks: where is a good starting place to understand California receiverships? ANSWER: The California receivership statutory scheme, encompassed in California Code […]
An Introduction to Receiverships
American state and federal courts have the equitable power to take custody of property at issue in a legal dispute and to appoint a receiver to act as agent for the court in keeping, managing, and even selling the property, in order to protect the interests of those parties with a claim on such property. […]